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RECYCLING: The use or reuse of previously extracted materials, waste products, or finished goods as inputs in the production process rather than using newly extracted natural resources. Recycling is one method of controlling pollution. Many types of resources are commonly recycled. For consumers, aluminum and newspapers are commonly recycled products. Producers frequently recycle steel and iron. In these cases, recycled materials augment the market supply. They also prevent the return of residuals to the environment.

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Lesson 16: Aggregate Shocks | Unit 4: Complex Shifts Page: 13 of 21

Topic: AD <=PAGE BACK | PAGE NEXT=>

Our analysis of AD-curve-induced aggregate market adjustment from one equilibrium to another is more complex when we include the self-correction mechanism from the short run to the long run.

Two cases:

  • Aggregate demand increases.
  • Aggregate demand decreases.

The complex adjustment is a two step process:

  • First: The AD curve shifts, which leads to a short-run equilibrium and moves the aggregate market away from the long-run equilibrium.
  • Second: Wages adjust to achieve equilibrium in the labor market--eventually--which changes production costs, shifts the SRAS, and restores long-run equilibrium.

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INTERCEPT, SAVING LINE

The intercept of the saving line indicates autonomous saving, saving that does not depend on the level of income or production. This can be thought of as the baseline level of saving that would be undertaken if income falls to zero. Autonomous saving is affected by the consumption expenditures determinants, which cause a change in the intercept and a shift of the saving line. The value of the intercept of the saving line is the negative of the value of the intercept of the consumption line.

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Today, you are likely to spend a great deal of time lost in your local discount super center seeking to buy either a how-to book on fine dining or a coffee cup commemorating the first day of winter. Be on the lookout for neighborhood pets, especially belligerent parrots.
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More money is spent on gardening than on any other hobby.
"Good judgment comes from experience, and often experience comes from bad judgment."

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